If, like me, you’ve ever struggled to understand why your credit score is different depending on which credit agency you pick (Equifax, Experian and TransUnion), you’ll be interested in this news.

The big three firms have banned together to create a simpler, more consistant score. According to MarketWatch.com, experts disagree on what causes the discrepencies in the current scores - from bad data to different risk models. The new scoring system is supposed to eliminate that.

You can check this new VantageScore through Experiean in 4-6 weeks, Equafax in 6-12 months, and TransUnion sometime later this year.

The new VantageScore will range from a high of 990 — a higher top end than most current models use — to a low of 501.While the scale is slightly different, the rules for keeping your score high will remain the same: Pay your bills on time, don’t tap into too much credit in a short time, and keep an eye on your debt-to-credit-limit ratio.

In general, if your outstanding revolving debt is 50% or more of the total credit available to you (all your credit limits added together), your score will take a hit.

Source: MarketWatch.com

Check out VantageScore.com for details.